Olymp Trade trading bot scams. Burning $8,000 in two days
This true story sounds like a joke. When I received his inbox “I just trade with the trading bot and lost nearly $8,000 at Olymp Trade”. My thoughts were “LOL! Stop boasting, my friend”
But NO! He proved that I was wrong by immediately sending me a clip. The account is Live. But when looking at the options, they look like Demo. However, the way to lose is the same as the Live account. Because with Demo account, you cannot trade more than $2,000/option. And losing that much when trading DEMO account is very difficult.
The question is: Has the clip been edited or faked? Was the problem exaggerated too much?
The answer is NO. If he recorded on the web interface, it can be faked. But this is the Olymp Trade transaction app. Therefore, if an account is burned, there are only one of two possibilities. (i) Demo account has the Live function of Olymp Trade’s IB and (ii) Real burn.
So we will assume this clip comes from an account of the real trader. Let’s analyze the reason why this trader lost money.
Is using the trading BOT at Olymp Trade effective?
One software is being advertised from a third party provided with the name OlympBot. I will temporarily call it as a trading bot creating the signal trading when you trade at Olymp Trade. It is known that this application has 2 functions: (i) sending signals and (ii) automatically opening options.
For me, either (i) or (ii) will also die. The probability of losing money is almost 100%. I have also written many articles of these Bots, both signal BOT and auto click BOT. They all fail. Reason:
– To win when trading option, you need both two elements right. They are Up/Down in price and time. This is the “secret” that most bookmakers hold. When the market price fluctuates, they will use the price to get traders’ money. When the market is smooth, they will speed up or slow down the time to take advantage. Therefore, no matter how good you code your bot, you can’t win the bookmaker.
– Suppose you only use the signal BOT. If there are signals, open options. This type of BOT is often written very simply, such as RSI + MACD + Bollinger Bands, etc = Open options. A series of reliable indicators “mix” together to get 1 entry point. Sometimes waiting for a whole hour, nothing happens. But when it gets the signals such as RSI and MACD are in the overbought zone and the price is out of Bands, most of them were reversal trade. With this way of trade from $1 to $3 for fun, you can earn some money. But if you trade an amount of several hundred dollars or more, it is determined as death.
– Suppose you use BOT which automatically opens options (auto trade UP/DOWN) when the BOT signal is correct. Of course, you will avoid the psychological problems when trading at Olymp Trade. But this type of BOT has 1 disadvantage – Opening consecutive options.
Reason: Because it’s Auto, when there are right points and conditions, it will open options. Thus, in 1 night, if the market has news, the price moves straight in one way. Auto open options = Burn account.
Olymp Trade trading bot scams
With any name you might see in ads: OlympBot, Olymptool, Auto Option…. All are not released by Olymp Trade.
Even Olymp Trade itself prohibits traders from using trading BOTs. It’s very easy to understand. Emotion is the most powerful tool to get traders’ money. How can Olymp Trade let you use BOT?
It’s time for you to ignore the auto BOT, robot, tool, etc at Olymp Trade. Let’s learn how to be patient, how to control your emotions and a good way to get the bookmaker’s money. It’s better than throwing your money into “scammers”.
If you are facing problems at Options trading platforms, you can go to this facebook group: Olymp Trade Club. Admin will help and share with you. Love!